Home Sales Way Down, But Future Should Be Better

After a fairly strong March, April home sales in Cache County were really pretty dismal. They were down 15% compared with last month, and 32% from April home sales of a year ago. Last year April home sales were higher than normal as result of the Home Buying Tax Credits.



The good news is that May home sales should be much improved. There are now 148 homes under contract. If 70% of these under contract homes close during May, that will represent more than 100 home sales.

Logan Real Estate inventory is also on the rise as home sales are slow and more people are listing their homes now that the weather is actually starting to get nice. There are currently 786 homes for sale in Cache County. This is 12 more listings than at this time a year ago, and eleven months of inventory at Aprils sales pace.



The list price of homes for sale in Cache Valley has remained stable over the last month, but the average sales price during April was abnormally low. The average sales price in April was just $160,756, while the median sales price was just $144,025. Right now the average list price of Cache County Homes is $218,844. Home prices aren't expected to rise anytime soon, as long as the amount of real estate inventory remains this high.

Logan Home Sales UP 44%

March Home Sales in Cache County did pretty good compared with the last eight months. The 76 residential homes sold was the highest single month we've seen since June of last year. Compared with February, home sales were up by a whopping 44%.

Compared with a year ago, March home sales were actually down slightly. We have to remember that a year ago at this time the home buyer tax credit was just about to expire, so those numbers were artificially high. Overall these home signs are a good sign for the Logan Real Estate market.

While home sales are up, the number of home for sale are as well. The total number of Cache Valley MLS listings has risen to 754 homes for sale, up from 711 last month. At March's sales pace, this gives Cache County a total of 9.92 months of inventory. The good news is that this inventory is down substantially from a year ago when there were 818 residential listings. Inventory is still high, but if home sales continue to increase throughout the summer we will see a decrease in real estate values dropping.